Anna Maria Luxury Real Estate January 2017 Newsletter
Sales on Anna Maria Island for 2016 ended below 2015 but still a good year. December 31, 2016 Y-T-D AMI sales were 361(SF-212, Con-109, Dup-24, & Lot-16) down 11% from December 31, 2015 Y-T-D at 407 (SF-230, Con-128, Dup-25 & Lot-24).
Sales in December 2016 for Anna Maria City, Holmes Beach and Bradenton Beach were 28 (SF-15, Con-12, Dup-1 & Lot-0) down 18% below December 2015 at 34 (SF-16, Con-14, Dup-3 & Lot-1). Of the 2016 sales only .6% or 2 (SF-2, Con-0, Dup-0 & Lot-0) were distressed properties (bank owned or short sales) compared to 5% or 22 (SF-12, Con-8, Dup-2 & Lot-0) for 2015. Although we’re running 14% behind last year in sales, we are closing the gap on 2015 which was a very good year for sales. The low inventory is the primary reason we ran behind 2015 in sales but it looks like inventory is starting to move up again. Inventory is currently at 325 (SF-182, Con-98, Dup-23 & Lot-22). Inventory for the previous five months were 290, 298, 314, 303, 308. The inventory the last two months was below 300 but other than that it hasn’t been below 300 since 2005.
There is something for everybody on Frank, Scott & Al’s Great Buy’s list this month. The properties at 117 Willow Ave ($1,395,000), 120 Neptune ($1,995,000) and 103 81st St ($2,499,900) are all in fantastic locations and are great rentals. If you don’t mind being just off the island 9931 Manatee Ave. Bradenton a 2,376 square foot, 3 bedroom 3 bath condo with boat dock and lift a great Palma Sola Bay View. Call me for more information on these or other real estate opportunities.
To summarize the Anna Maria Island market for 2016, we ended up 11% below 2015 but it was still a very strong sales year as you can see from the charts below. Pended properties continue to be strong and still well above the average. Pended properties (properties under contract) are at 38 (SF-17, Con-17, Dup-3 & Lot-1). Distressed properties continue to be non-existent with no distressed properties for sale on the island in the last four months. The distribution of the single family sales on AMI for 2016 hasn’t changed much with 17% <$500K, 33% 500K-750K, 16% between $750K and $1 million and 34% over $1 million. The distribution for Condo sales for 2016 also hasn’t changed much and was 80% <$500K, 18% $500K-$750K, 2% $750K – $1 million and 0% >$1 million. These percentages have been pretty consistent over the last year. Of the single family properties sold in 2016, the average sale has been $940,435 and the median sale $767,500. In 2015 the average sale for single family homes was $779,381 and the median sale was $630,000. The current inventory of 182 single family homes the average sale price is $1,266,642 and the median sale price is $1,085,000. The lowest price single family home on the island is currently $224,900 and the highest price $5,495,000. For the 98 condos for sale the average and median prices respectively are $611,045 & $488,500 with the lowest $189,000 and highest $2,149,000.
Longboat Key current inventory is 437 (SF- 131, Con- 278, Dup- 1 & Lot- 27) up from 304 last month and 314,336 and 345 the three previous months. Of the current inventory of 131 single family homes the average sales price is $2,234,778 and the median sale price is $1,439,500. The lowest priced single family home on Longboat Key is $287,500 and the highest is $20,000,000. For the 278 condos for sale the average and median prices respectively are $837,940 & $629,450 with the lowest $164,900 and highest $5,999,000. Pended properties on Longboat Key are 54 (SF-21, Con-28, Dup-1 & Lot-4) up from last month at 44 and 54, 49 and 62 the previous three months. Distressed properties on Longboat Key are only 3 (SF-0, Con-3, Dup-0 & Lot-0).
Keep those calls and e-mails coming! We love hearing from you……Alan, Frank & Scott… Lynn too
THE GALLETTO TEAM of Island Real Estate, 6101 Marina Drive, Holmes Beach FL 34217.
For detailed charts see the entire newsletter on our website; http://www.AnnaMariaLuxuryRealEstate.com
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